Orleans, MA – Seamen’s Bank and the Lower Cape Housing & ADU Resource Center, a partnership of the Community Development Partnership and Homeless Prevention Council, are working together to offer a loan product for homeowners interested in building accessory dwelling units (ADUs). This ADU loan product provides homeowners with a way to meet the needs of the community by addressing the demand for more diverse housing options.

Jay Coburn, CDP President and CEO shared, “We need to get creative and have options in order to address the affordable housing crisis on Cape Cod. Many communities on Cape Cod have recently amended their bylaws to allow for the creation of ADUs. It’s an important tool for supporting year-round living and working on the Lower Cape.”

An ADU is an addition to the main home that provides independent living for another household. It’s called an “accessory” because its purpose is secondary compared to the primary residence and can be added to an existing property or stand-alone on the same lot. 

Coburn went on to say, “The Lower Cape Housing & ADU Resource Center is focused on solutions to respond to the urgent housing shortage in our area. Seamen’s Bank is a natural partner in this effort. They get our work, and they understand the needs within our Lower and Outer Cape community. We encouraged them to create a loan product to finance ADUs and they got behind it 100%.”

Through the ADU loan product, Seamen’s Bank will offer customers the ability to use the equity in their home, as well as the flexibility of choosing a 15- or 30-year term that best fits their needs. The ADU must be built on the property securing the loan, and borrowers can use the projected annual rental income based on a full appraisal of the as-built structure. Borrowers must provide a copy of their approved ADU permit from the town before a closing can take place. Ineligible properties include condos/cooperatives, commercial mixed-use, and investment/rental properties.

According to Seamen’s Bank President and CEO Lori Meads, “Our ADU product is one that is designed to not overwhelm the customer with red tape and deter them from taking on this project. Housing is already a crisis, and to be able to support our communities with this product and partner with the CDP to take on this challenge is why we are a community bank.”  

Find out more information about the ADU loan product at by contacting Seamen’s Bank at residential.lending@seamensbank.com or call 508.487.0033. 

For more about ADUs and the Lower Cape Housing & ADU Resource Center, please visit https://www.lowercapehousing.org/. 


The Community Development Partnership leads the Lower Cape in building a diverse year-round community of people who can afford to live, work, and thrive here. To accomplish our mission, we promote, develop, and manage affordable housing; nurture the launch and growth of small businesses; and facilitate collaboration with business, nonprofit, and government partners. 

To find out more information about Community Development Partnership, visit   www.capecdp.org.  

This institution is an equal opportunity employer and provider.

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